What ages are classed as pension age

mercedes125

Could anyone tell me what age do lenders borrow up to without having to show proof of pension for men !
Thankyou

Senior_Paper_Monitor

Varies dramatically by lender (and your current age).


Just spent a weekend trying to build a calculator behind our factfind to calculate by lender the options from a client's birthday and sex - brain melted on Sunday afternoon and went to the pub.


Back to looking it up on a case by case basis !

kingstreet

Senior_Paper_Monitor wrote: »

Varies dramatically by lender (and your current age).


Just spent a weekend trying to build a calculator behind our factfind to calculate by lender the options from a client's birthday and sex - brain melted on Sunday afternoon and went to the pub.


Back to looking it up on a case by case basis !

I use the table in the back of the Halifax hints & tips on keying main applications guide you can download. Page 17, IIRC.

Then figure out how the chosen lender will treat it and if I need to use a higher preferred retirement age.

mercedes125

kingstreet wrote: »

I use the table in the back of the Halifax hints & tips on keying main applications guide you can download. Page 17, IIRC.

Then figure out how the chosen lender will treat it and if I need to use a higher preferred retirement age.

Thankyou for that just checked and its 67 yrs , just need to work things out if it's best to just get a mortgage up to pension age to save showing pensions ! We are in workplace pensions and hubby has about £5000 stood in another but not sure if this would be adequate are not

mercedes125

Senior_Paper_Monitor wrote: »

Varies dramatically by lender (and your current age).


Just spent a weekend trying to build a calculator behind our factfind to calculate by lender the options from a client's birthday and sex - brain melted on Sunday afternoon and went to the pub.


Back to looking it up on a case by case basis !

I would use the information from the post below that Kngstreet has provider , it was easy to follow

Senior_Paper_Monitor

We have similar tables (different source) - and while useful (and relevant to that lender and others in the group), not necessarily so with other lenders.


Even from that I am in deep discussion with Halifax who have initially claimed that although pensionable age doesn't arrive on a birthday (as the table shows) they apply the 'rounded down' birthday date at the given age. Halifax as a lender don't provide mortgages in terms of months, just years but the table refers to months, so I want to double clarify that.


I suspect all lenders that relate to state pension age are taking the rounded down years calculation - certainly how we have applied it for LLoyds group in the past - but to create an 'all encompassing' calculation it is a case of checking with each lender and the writing of a calculator by lender (whether it involves 'if formulas' or 'look up tables' - or both) is proving a brain melter !

kingstreet

The approach across the market is very different.

Halifax probably the worst. If it says 66, you can't go a day past 66th birthday without having to enter (and prove) income in retirement.

Others will allow you to use 70 as a selected retirement date and have a term upto then, without evidence of income. Another asks only that pension contributions are visible on payslip or bank statement for a term upto 70.

It's useful to know the state pension age, if only so you can work out how to get around it where lenders are concerned.